How to sell your business?

If you are looking to sell your business, it is important that you understand your options and their legal implications.

Transfer of ownership

The most common way of selling your business is via transfer of all (or a controlling portion) of the ownership interest in your company. Under this scenario, the business entity continues, but under the ownership and control of the buyer.

This method of sale is much simpler and quicker. If the business is a corporation, the stock certificates are transferred to the buyer and the new owner is recorded. If the business is a partnership or LLC, a contract for the sale of the ownership interest will be executed by both parties. Though much more convenient, this method exposes the buyer to a certain level of risk. The buyer, in this type of transfer, assumes all liabilities of the business, including any liability stemming from the conduct of the previous owner. Additionally, any current contracts to which the business is a party remain in full effect.

Transfer of assets

The other main method of selling a business is via the transfer of the business’s assets. In this situation, each individual asset of the business is sold to the buyer. The business entity is terminated and, unless otherwise agreed upon by the buyer and the seller, the only liabilities assumed by the buyer are any liabilities secured by the purchased assets. Depending on the type and number of assets, this method of sale can be cumbersome and expensive. For example, any assets having a title would have to be registered to the new owner and each business contract would have to be assigned, which may require the consent of the other party to the contract.

Selling your business can be an onerous task, but with the guidance of an experienced attorney, you can limit your risks and maximize your profits.

Contact our office to learn more about selling your business

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Mr. Lewis, as well as the rest of our team, is committed to guiding you through the entire process of a tax lien purchase. We want to see your investment grow and benefit you as well as help you with any legal issue that arises throughout the process. Give the Law Office of Ross W. Albers a call today and start working with the leading Maryland tax lien attorney.

Because the legal landscape of Maryland DUI and DWI law is ever evolving, it is important to us to keep you up to date on all things related to Maryland DUI and DWI law. When Maryland DUI laws change, you can count on us to act fast and educate you in a manner that is easy to understand and digest. DUI and DWI law is our passion and we want to be able to pass our experience and knowledge on to you.

The content of this blog is brought to you directly from the desk of Ross W. Albers, a former Maryland Prosecutor and Insurance Adjuster.

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The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. My past results are not a guarantee of future results.